Russia is cheap but it doesn't cover the global market needs....

Russia is cheap but it doesn't cover the global market needs. View is that it is still working its way through its stockpile like it has done before, last time it took 18-24 months, but it built up this time over the pandemic. When the stockpile runs out Russia will have to reduce sales, at the same time South African production is reducing as they are losing money (very deep and expensive) and they have significant economic woes (power continuity etc.), which are reducing production.

Demand side is also looking more promising as hybrids and ICE vehicles are increasing in sales (using PGMs) and hydrogen is another push (uses PGM). No one knows what the future price will be, but there are some scenarios, as per above, that provide a potential positive outlook.